Rogers v. New York & Texas Land Co.
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made May 16, 1890, which, affirmed a judgment in favor of defendants entered upon a decision of the court on trial at Special Term.
Read the full summary
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made May 16, 1890, which, affirmed a judgment in favor of defendants entered upon a decision of the court on trial at Special Term. This was an action hy the plaintiffs, as holders of certain scrip issued by the New Ybrltand Texas Land Company (Limited), in behalf of themselves and all other scripholders similarly situated, to recover from the directors of that corporation, in its name, the sum of $1,100,000, and to compel the application thereof to the retirement of…
1Opinion of the CourtVakn, J.
The plaintiffs claim that the land company is the trustee of the scripholders to the extent of three-fourths of the lands and its proceeds, and that it was a breach of trust to make the scrip dividend of $1,125,000 to the stockholders, as it in effect gave away more than 500,000 acres of land through the purchasing power of the scrip thus wrongfully divided. They further claim that the cash dividend of $450,000 was also a breach of the trust, as it amounted to a donation to the stockholders of $337,500 in money that equitably belonged to the scripholders.
The defendants deny that any part of…
2Cases cited10 opinions
- Whitney v. WymanSupreme Court of the United States · 1880
- Boardman v. Lake Shore & Michigan Southern Railway Co.New York Court of Appeals · 1881
- King v. . BarnesNew York Court of Appeals · 1888
- The City Bank of Columbus v. . Bruce and FoxNew York Court of Appeals · 1858
- Stanton v. New York & Eastern Railway Co.Supreme Court of Connecticut · 1890
5 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Luedecke v. Des Moines Cabinet Co.Supreme Court of Iowa · 1908
- Riggs, Ferris & Geer v. Harrison LillibridgeCourt of Appeals for the Second Circuit · 1963
- Scott v. Baltimore & Ohio RailroadCourt of Appeals of Maryland · 1901
- Farano v. StephanelliAppellate Division of the Supreme Court of the State of New York · 1959
- Wall v. Niagara Mining & Smelting Co.Utah Supreme Court · 1899
26 more not listed; retrieve them via the Exa API.